TaxTMI 
TaxTMI 
TaxTMI 
Income tax impact on returning NRI
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....ncome tax impact on returning NRI<br> Query (Issue) Started By: - Mahendra Chauhan Dated:- 17-8-2025 Last Reply Date:- 20-8-2025 FEMA<br>Got 2 Replies<br>FEMA<br>I was in India for FY 2024-25 for 176 days. In the previous preceding four years I was in India for more than 365 days. During FY2024-25 I returned to India on 27-November-2024. Can I claim NRI as per FEMA? If no, then can I claim tax exe....
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....mption on my NRE FDs from 01-April-2024 till 27-November-2024 for the FY 2024-25, as I was outside India till 27-November-2024. Kindly provide your advise in how to deal with above situation to save tax. Any link or documents supporting above will be appreciated. Just for your info: my year wise days in India : FY 2014-2015 38.00 FY 2015-2016 12.00 FY 2016-2017 7.00 FY 2017-2018 11.00 ....
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....FY 2018-2019 82.00 FY 2019-2020 366.00 FY 2020-2021 365.00 FY 2021-2022 223.00 FY 2022-2023 130.00 FY 2023-2024 179.00 FY 2024-2025 176.00 (The remaining days are outside India) Reply By Shilpi Jain: The Reply: Under FEMA the residential status is dependent on the intention of your coming to India. So in FY 24-25 have you come back to India for good, or for employment/busin....
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....ess or are you planning to go back and have come only for a temporary period? Also, if you are looking at tax exemptions, then you should be looking at your residential status as per Income Tax law. Why are you looking at FEMA? Reply By Mahendra Chauhan: The Reply: I have come back to India for good. I am looking for FEMA because as per my understanding under FEMA NRI status, I can claim ....
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....NRE Interest income tax exemption. I was NRI as per FEMA as of 27-November-2024. Kindly clarify.<br> Discussion Forum - Knowledge Sharing ....